Altius Telecom InvIT Approves FY26 Audited Results; Fair Value NAV at Rs. 170.77 Per Unit
Altius Telecom Infrastructure Trust approved its FY26 audited financial results on May 11, 2026, reporting consolidated revenue of Rs. 241,650 million and standalone profit of Rs. 39,593 million. The fair value NAV per unit improved to Rs. 170.77 from Rs. 139.28, with total FY26 distributions of Rs. 47,676 million and credit ratings reaffirmed at AAA/Stable by both CARE and CRISIL.
*this image is generated using AI for illustrative purposes only.
Altius Telecom Infrastructure Trust held a meeting of the Board of Directors of its Investment Manager, Data Link Investment Manager Private Limited (formerly known as BIP India Infra Projects Management Services Private Limited), on Monday, May 11, 2026. The board approved and adopted the Audited Standalone and Consolidated Financial Statements of the Trust for the financial year ended March 31, 2026, along with the Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026, in accordance with Regulation 23 of the SEBI (Infrastructure Investment Trusts) Regulations, 2014. The meeting commenced at 2:15 p.m. and concluded at 4:30 p.m. The financial statements were audited by Deloitte Haskins & Sells LLP, Chartered Accountants.
Standalone Financial Performance
The standalone financial results reflect the Trust's income primarily from interest on loans extended to its Special Purpose Vehicles (SPVs) and dividend income from subsidiaries. On a standalone basis, interest income for FY26 stood at Rs. 43,791 million, while dividend income from subsidiaries was Rs. 9,858 million. Finance costs for the year were Rs. 13,104 million. The standalone balance sheet as at March 31, 2026 reflected total assets of Rs. 495,998 million and total equity of Rs. 341,556 million. The following table summarises the key standalone financial metrics:
| Metric: | Q4 FY26 (Unaudited) | Q3 FY26 (Unaudited) | Q4 FY25 (Unaudited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Total Income (Rs. Mn): | 13,526 | 13,271 | 14,053 | 53,657 | 65,536 |
| Total Expenses (Rs. Mn): | 3,535 | 3,528 | 3,423 | 13,966 | 8,661 |
| Profit Before Tax (Rs. Mn): | 9,991 | 9,743 | 10,630 | 39,691 | 56,875 |
| Profit for the Period (Rs. Mn): | 9,961 | 9,720 | 10,610 | 39,593 | 56,795 |
| Basic EPS (Rs.): | 3.27 | 3.19 | 3.48 | 12.99 | 19.88 |
| Diluted EPS (Rs.): | 3.27 | 3.19 | 3.48 | 12.99 | 19.88 |
Consolidated Financial Performance
The consolidated results encompass the Trust and its subsidiaries — Summit Digitel Infrastructure Limited (SDIL), Elevar Digitel Infrastructure Private Limited, Crest Digitel Private Limited (CDPL), Roam Digitel Infrastructure Private Limited (RDIPL), and Crest Virtual Network Private Limited (CVNPL). Consolidated revenue from operations for FY26 grew to Rs. 241,650 million from Rs. 194,540 million in FY25. Network operating expenses for FY26 were Rs. 131,460 million, while depreciation and amortisation stood at Rs. 45,977 million. Finance costs were Rs. 42,896 million. The consolidated balance sheet as at March 31, 2026 reflected total assets of Rs. 734,525 million and total equity of Rs. 114,658 million. The following table presents key consolidated financial metrics:
| Metric: | Q4 FY26 (Unaudited) | Q3 FY26 (Unaudited) | Q4 FY25 (Unaudited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Revenue from Operations (Rs. Mn): | 60,212 | 60,336 | 59,390 | 241,650 | 194,540 |
| Total Income (Rs. Mn): | 60,628 | 60,967 | 59,957 | 244,261 | 196,237 |
| Total Expenses (Rs. Mn): | 56,898 | 57,350 | 58,086 | 230,903 | 186,999 |
| Profit Before Tax (Rs. Mn): | 3,730 | 3,468 | 1,871 | 13,209 | 9,238 |
| Profit for the Period (Rs. Mn): | 3,098 | 2,901 | 1,671 | 11,066 | 8,399 |
| Total Comprehensive Income (Rs. Mn): | 3,825 | 2,506 | 1,268 | 11,690 | 7,834 |
| Basic EPS (Rs.): | 1.02 | 0.95 | 0.55 | 3.63 | 2.94 |
| Diluted EPS (Rs.): | 1.02 | 0.95 | 0.55 | 3.63 | 2.94 |
Net Distributable Cash Flows and Distributions
The Net Distributable Cash Flow (NDCF) at the Trust level for FY26 was Rs. 47,610 million, with total NDCF including opening cash balances amounting to Rs. 48,460 million. The Board made total distributions of Rs. 47,676 million during FY26. The total distribution per unit for FY26 was Rs. 15.6447, comprising Rs. 10.2834 as return on capital and Rs. 5.3613 as return of capital. The following table details the distribution schedule:
| Date of Payment: | Return on Capital (Rs. Mn) | Return of Capital (Rs. Mn) | Total Distribution (Rs. Mn) |
|---|---|---|---|
| May 30, 2025: | 8,381 | 3,574 | 11,955 |
| September 3, 2025: | 7,945 | 3,380 | 11,325 |
| November 24, 2025: | 362 | 1,638 | 2,000 |
| December 1, 2025: | 9,232 | 3,664 | 12,896 |
| March 5, 2026: | 5,418 | 4,082 | 9,500 |
| Total: | 31,338 | 16,338 | 47,676 |
Net Asset Value and Fair Valuation
As per the Valuation Report dated May 11, 2026, prepared by Independent Valuer Mr. S. Sundararaman (IBBI Registration No. IBBI/RV/06/2018/10238), the fair enterprise value of the Trust's SPV portfolio was assessed using the Discounted Cash Flow (DCF) method under the income approach for Summit, Elevar, and CDPL, and the Net Asset Value (NAV) method under the cost approach for RDIPL and CVNPL. The following table presents the standalone net assets at fair value:
| Parameter: | As at March 31, 2026 | As at March 31, 2025 |
|---|---|---|
| Fair Value of Assets (Rs. Mn): | 674,860 | 564,005 |
| Liabilities (Rs. Mn): | 154,442 | 139,549 |
| Net Assets at Fair Value (Rs. Mn): | 520,418 | 424,456 |
| No. of Units (Mn): | 3,047 | 3,047 |
| NAV per Unit (Book Value) (Rs.): | 112.08 | 114.73 |
| NAV per Unit (Fair Value) (Rs.): | 170.77 | 139.28 |
The project-wise fair enterprise values of the SPVs as assessed by the independent valuer are presented below:
| SPV: | Enterprise Value (Rs. Mn) | WACC | Terminal Value Growth |
|---|---|---|---|
| Summit Digitel Infrastructure Limited: | 6,50,480 | 8.79% | 0.00% |
| Elevar Digitel Infrastructure Private Limited: | 2,98,451 | 12.03% | 2.50% |
| Crest Digitel Private Limited: | 22,877 | 13.91% | 2.50% |
| Roam Digitel Infrastructure Private Limited: | (0) | NA | NA |
| Crest Virtual Network Private Limited: | 72 | NA | NA |
| Total: | 9,71,880 |
On a consolidated basis, the fair value NAV per unit stood at Rs. 170.77 as at March 31, 2026, compared to Rs. 139.28 as at March 31, 2025. A sensitivity analysis indicates that a 50 basis point decrease in the discount rate would result in a NAV of Rs. 187.12 per unit (impact of +9.57%), while a 50 basis point increase would result in a NAV of Rs. 155.77 per unit (impact of -8.78%).
Key Regulatory and Rating Disclosures
CARE Ratings reaffirmed the Trust's Issuer Rating and NCD rating as "CARE AAA; Stable" on April 20, 2026. CRISIL Ratings Limited reaffirmed the Trust's Corporate Credit Rating and NCD rating as "CRISIL AAA/Stable" on April 20, 2026. The net borrowings ratio of the Trust as at March 31, 2026 stood at 45.23%, compared to 49.50% as at March 31, 2025. The Trust confirmed no material deviation in the use of proceeds of Non-Convertible Debentures during the quarter ended March 31, 2026. The trading window, which was closed from April 1, 2026, will reopen 48 hours after the declaration of the financial statements.
Source: None/Company/INE0BWS23018/7cb3b5c5-2362-4384-ab97-e2067065022a.pdf
Given the significant ~26% decline in standalone profit (Rs. 39,593 Mn in FY26 vs Rs. 56,795 Mn in FY25), what strategic measures is Altius Telecom Infrastructure Trust planning to reverse this earnings compression in FY27?
With Elevar Digitel's WACC at 12.03% significantly higher than Summit's 8.79%, what factors are driving this risk differential and how might Elevar's integration or expansion plans evolve to narrow this gap?
As the net borrowings ratio has improved from 49.50% to 45.23%, does the Trust have plans to further deleverage or redeploy capital into new tower acquisitions or 5G-related infrastructure investments?
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
